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Thomas Cook Reveals Strong Annual Results

Mon, 30 Nov 2009

Travel firm Thomas Cook has announced better than expected results for the year so far as trading continues to improve.

The group said underlying pre-tax profits for the year to September reached £308.2 million, broadly in line with last year despite analysts’ predictions of a 3 per cent fall, while revenues for the year grew 6 per cent to £9.3 billion.

"We have delivered a strong performance in 2009, achieving full year results ahead of market expectations," said chief executive Manny Fontenla-Novoa.

"This is particularly pleasing as it comes despite the worldwide recession and the financial impact of the Swine Flu outbreak."

He added that trading for winter 2009-2010 is continuing to improve, while bookings for next year remain on track, with "strong" growth expected in medium-haul destinations such as Egypt and Turkey .

"Although it is still early in the cycle, bookings for summer 2010 are also in line with our expectations," he revealed.

"Recent customer research shows that UK consumers remain intent on taking their holidays abroad next summer."

According to the group, average UK selling prices climbed by 6 per cent in the year to September, mainly due to the pound's weakness against the euro and fuel costs, although holiday bookings fell by 11 per cent.
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